Mark Zuckerburg was named the world’s youngest billionaire in 2007, is definitely successful, and has a lot of great advice to offer entrepreneurs and business owners. His life is an inspiration for those who seek to enter and win in the business arena. Mark is not only known for being the founder and CEO of Facebook, but for his radical notions and noteworthy genius.
Hire Great People
The tips and advice he gives about business can help others to find their own success. Learning from the successful is a very smart business strategy. “The dynamic of managing people and being CEO in a company is a lot different than being college roommates with someone.” – Mark Zuckerburg At the outset of Facebook, Mr. Zuckerburg had no problem with hiring friends and their friends, but later had to go through lengthy and expensive litigation due to promising new hires positions of seniority and granting them substantial stakes in the comany.
Now his position is that using friends in business just because they are friends can be a huge mistake. New talent recruitment should be based on the qualifications and proven track record of candidates instead of personal relationships. It seems that old principle of never mixing business and pleasure still holds true. “Serving more people, increasing your customer base and making them more deeply engaged is by itself good business.” – Mark Zuckerburg While many business leaders struggle to discover where their greatest focus should be, the answer is made stunningly clear with this simple statement from Mr. Zuckerburg.
Repeat Customers
The development of a strong base of loyal clientele can do more for a business than any other thing they could put their focus on. Being engaged with customers helps to establish a relationship with them and build their trust. This approach can increase profits, refine offers to maximum efficiency, and serve as a powerful form of advertisement. “The biggest risk is not taking any risk.. In a world that changing really quickly, the only strategy that is guaranteed to fail is not taking risks.” – Mark Zuckerburg
High risk business ventures and investments can prove to be very costly, but they also can produce the greatest returns. Many, seeking to protect their funds and companies, neglect to take any risks and miss out on opportunities for growth. They do not realize that by taking this approach they are actually setting themselves up to fail before they even get started.
Be Bold
In the business world, be bold enough to take a risk and less prone to focus on potential failure. “I think there’s probably something in that for other entrepreneurs to learn which is that making mistakes is okay. At the end of the day, the goal of building something is to build something, not to not make mistakes.” – Mark Zuckerburg This quote from Mr. Zuckerburg is highly related to the last one. People are afraid to take risks often because they are afraid of making mistakes. The fact that both mistakes and achievements are important parts of the learning cycle has well established; even backed by scientific studies. Fear of taking risks and making mistakes can cause a complete lack of action, which can lead to failure.
It would be much better to take a risk or make a mistake and learn from it, improving and perfecting strategies, than to do nothing at all. “I think a simple rule of business is, if you do the things that are easier first, then you can actually make a lot of progress.” -Mark Zuckerburg
Focus On What Counts
The principle of doing the easier things first is closely related to the 80/20 rule, which time management experts know as the Pareto Principle. This principle states that 80% of activities take 20% of the time to complete and 20% of activities take 80% of the available time to complete. Doing the 80% first quickly reduces to-do lists and makes it easy to focus when it is time to get that other 20% accomplished. By implementing proven time management strategies in business productivity is increased and much progress can be made. There is a lot of wisdom for business owners found in Mark Zuckerburg’s words. They not only help to explain how a man as young as he is managed to achieve such great success, but can help businesses advance in the achievement of their own success.
[author] [author_image timthumb=’on’][/author_image] [author_info]Tom writes for http://www.make-a-web-site.com on topics such as how to make a website.[/author_info] [/author]
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